PenFed Personal Loan Pre-approval Letter

[MS00000000]

Do you have to deposit it into a Penfed account? Based on the paperwork that came with mine, which had very little information, it looked like you could use it like any check and deposit it in any account, Penfed or not. Now I'm hesitant to try that.

There are no Penfed branches anywhere near me and I do almost all my banking online. Do you think I could deposit to my Penfed savings with the mobile deposit if not to a non Penfed account?

[CJ7]

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@MS00000000 wrote:

Do you have to deposit it into a Penfed account? Based on the paperwork that came with mine, which had very little information, it looked like you could use it like any check and deposit it in any account, Penfed or not. Now I'm hesitant to try that.

There are no Penfed branches anywhere near me and I do almost all my banking online. Do you think I could deposit to my Penfed savings with the mobile deposit if not to a non Penfed account?

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It sure looks to me like you can deposit it like any regular check at your choice of banks.  But I personally wouldn't touch those funds until

I'd received the promissory note that apparently follows, regardless of if a hold is placed.

[sniggy20]

+1

Sniggy20

[Anonymous]

I to got the pre-approval but at a 14.99%. I have until Oct 31st to accept offer. I may hold off hoping for a better rate in the future but it will be hard with this offer dangaling in my face...lol

[MS00000000]

Mine was 12.99% but even at 14.99 it still beats most of my credit card rates. It's still sitting on my table, staring at me, but it is very tempting. It would mean saving money, forced payoff of debts, and being debt free sooner. Very very tempting.

[bk510]

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@Anonymous wrote:

Thanks sniggy20. I was thinking about going for it to pay off my revolving accounts. I'll let you guys know soon if I go for it.

Musiclover, my offer was for 9.99%.

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Just received 1 of these  and my offer was for 17.99%, I'm thinkin'..............

[bk510]

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@sniggy20 wrote:

Music lover my offer was for 12.99% because of my high util.

Sniggy 20

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That perhaps explains my offer of 17.99%.....My overall util is around 25%.

[bk510]

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@Anonymous wrote:

I to got the pre-approval but at a 14.99%. I have until Oct 31st to accept offer. I may hold off hoping for a better rate in the future but it will be hard with this offer dangaling in my face...lol

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I'm at 17.99% and thinkin'..................Have until 1/31/2017.

[Appleman]

Another thing to consider: If you are planning to pay off credit cards with the PenFed Personal Loan, your FICO will likely increase. The scoring models treat Installment Debt (auto loan, personal loan) differently (more favorably) than revolving (credit card) debt.

This will really be true if you drop your revolving utilization below 9% (say you currently have 50% utilization and pay off the card to below 9%). Plus. if the interest rate is lower than what you are paying...